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If the US dollar is devalued, will our debts also be devalued as well?

 
Anonymous Coward
User ID: 8392006
United States
02/13/2012 02:24 AM
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If the US dollar is devalued, will our debts also be devalued as well?
Leta say Bernanke devalues the US dollar 33 percent or even worse comes out with a new currency. Will our debts and credit card balances be increased accordingly to compensate the banks for their losses or will they have to accept the same dollar devaluation?
Anonymous Coward
User ID: 10685398
Belgium
02/13/2012 02:30 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
Of course not.
Anonymous Coward (OP)
User ID: 8392006
United States
02/13/2012 02:37 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
Just want to be sure before I pay off my credit card.
Anonymous Coward
User ID: 10689241
Australia
02/13/2012 02:40 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
your credit debts will be wiped away yes

though some transactions between citizens corporations and governments

are definately adjusted for inflation
Anonymous Coward (OP)
User ID: 8392006
United States
02/13/2012 03:06 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
your credit debts will be wiped away yes

though some transactions between citizens corporations and governments

are definately adjusted for inflation
 Quoting: Anonymous Coward 10689241


I could depend as much on how sympathetic our government feels towards its citizens.
Considering,,,Lets hope not.
GeosAlien
User ID: 975226
Netherlands
02/13/2012 03:18 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
It is simple. If the debt is in USD, nothing changes for you in the USA. The creditor who the dollars are owed to, will receive much less for the same number of dollars.
But if you in the USA want to buy imported goods, say a Ferrari car, than the umber of dollars you need to put on the table is shooting up.
happyheart
Anonymous Coward
User ID: 5073312
United States
02/13/2012 03:24 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
You will be able to pay your debts easier, but you won't be able to buy food or gas (it will be too expensive). Of course that is assuming you still have a job by then.
Anonymous Coward (OP)
User ID: 8392006
United States
02/13/2012 03:45 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
So what you are saying is that I should max out my credit cards and buy gold.
Anonymous Coward
User ID: 10685398
Belgium
02/13/2012 03:47 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
So what you are saying is that I should max out my credit cards and buy gold.
 Quoting: Anonymous Coward 8392006


Don't be in debt when the shtf.
Xerces

User ID: 4708151
United States
02/13/2012 03:51 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
They need to crash the economy before that happens me thinks. Don't hold it against me though, I'm no economist.
"A truth's initial commotion is directly proportional to how deeply the lie was believed. When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker, a raving lunatic."
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"All truth passes through three stages. First, it is ridiculed, second it is violently opposed, and third, it is accepted as self-evident."
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Graylien
User ID: 975226
Netherlands
02/13/2012 04:21 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
You will be able to pay your debts easier, but you won't be able to buy food or gas (it will be too expensive). Of course that is assuming you still have a job by then.
 Quoting: Anonymous Coward 5073312


NONSENSE... You still have to pay your debts, and if you don't get a raise in income, it won't be easier...
For goods that are imported prices will shoot up.
That's all folks...
Anonymous Coward
User ID: 10309673
United States
02/13/2012 04:24 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
What the hell do you mean "IF".

The stated goal of the FED is 2% inflation per YEAR.That means the GOAL is to devalue your currency 2% every single year.Guess what? Since 1980 the AVERAGE inflation excluding food and energy is 6.9% or almost 70% every 10 years.

Do you really think the price increases you have seen your whole life where caused by anything else?

Let me break this down for you in terms you understand.Gasoline.

The price of Gasoline in past years.

1920:31 cents per gallon
1940:32 cents per gallon
1950:33 cents per gallon
1960:40 cents per gallon
1970:42 cents per gallon

Nixon ditches the gold standard

1975:52 cents per gallon
1980:99 cents per gallon
1990:$1.25 per gallon
1995:$1.26
2000:$1.50
2004:$2.00
2006:$2.40
2011:$3.48

Gasoline increased in price proportionally to dollars in circulation.More dollars=they are worth less.

Yes your debts are devalued as well.But does it matter? The dollar is failing.Money supply has over tripled just since 2008.The feds balance sheet has exploded from 500 billion in 2008 to 2.8 TRILLION currently.The US budget has see like expansion with yearly deficits now passing our total dept in 1998(in other words we gain as much debt per year as we had from 1913 to 1998 per YEAR).
Anonymous Coward
User ID: 1211208
United States
02/13/2012 04:29 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
Are you an idiot? wtf iamwith

They will aways get their money. Your debt will live forever or until you pay it off.

Start now before it's too late.
Anonymous Coward
User ID: 1424651
Australia
02/13/2012 04:37 AM
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Re: If the US dollar is devalued, will our debts also be devalued as well?
No, they will increase the variable rate home loans to compensate for the loss, in fact they have just increased all the interest rates over here.

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